Miga has signed legal agreements enabling it to insure foreign direct investment in South Sudan.
At the spring meetings of the World Bank Group the parties also discussed areas where Miga may support foreign investments in trade-related sectors in South Sudan, including agribusiness, power and transportation.
“Miga has a long history of fostering private sector development in countries that have experienced conflict, and we are pleased to be in a position to help South Sudan attract investors to achieve its development priorities,” says vice president and chief operating officer Michel Wormser.
The legal agreements supplement Miga’s on-going support to South Sudan. The country became a member in 2012. A Miga spokesperson tells GTR the agency is available to support eligible investments that underpin trade, including in power, road building, manufacturing facilities and financial institutions. There are reportedly only about 100km of paved roads in South Sudan.
“South Sudan has vast investment needs,” adds World Bank country director for South Sudan, Sudan and Somalia Bella Bird.
“We are committed to bringing the entire array of World Bank Group instruments to support the country’s development. Private sector investment will be essential to generate jobs and opportunities in a fragile country such as South Sudan.”